MISSISSAUGA, ON, Nov. 13,
2023 /CNW/ - Cargojet Inc. ("Cargojet" or the
"Corporation") (TSX: CJT) Board of Directors is pleased to announce
a significant leadership transition. After launching Cargojet 22
years ago as Founder and Chief Executive Officer, Dr. Ajay Virmani will be stepping into the role of
Executive Chairman effective January 1,
2024 and the Corporation has announced leadership
appointments in a separate announcement. This strategic move
reflects Dr. Virmani's dedication to the company's long-term
success and the need to ensure a seamless transition in the
leadership.
Dr. Ajay Virmani, who has served
as the CEO since its inception in 2001, along with the team he
built, has been instrumental in Cargojet's remarkable journey from
a start-up to Canada's #1 cargo
airline. Just last week Dr. Virmani was appointed to the Order of
Ontario. The Globe and Mail
honored Dr. Virmani as the CEO-Strategist of the year in 2020. In
2004, Dr. Virmani was awarded the "Entrepreneur of the Year award"
by Ernst & Young. Recognizing his entrepreneurial and
philanthropic contribution to Canada, he was inducted into Canada's Walk of Fame with his own star in
2021. Cargojet and its leadership has also been recognized as
the 50 Best Managed Companies by Deloitte's and has been a
consistent winner of Canada's Best
Cargo Airline award 21 years running.
Under Dr. Virmani's visionary and entrepreneurial leadership,
the company operates a fleet of over 40 Aircraft and consistently
posted remarkable financial results. Cargojet has grown its
revenues at 16% and EBITDA at 20% compound annual rate over the
past 20 years. The world's top courier brands, integrators, freight
forwarders and E-Commerce platforms have partnered with Cargojet to
fulfil their middle-mile air requirements. Cargojet's shareholder
have been handsomely rewarded with 18%* compound annual return
since its IPO in 2005.
In Dr. Virmani's new role as Executive Chairman, he will
continue to play a pivotal role in shaping the company's future. He
will focus on Strategy, Strategic Customer Partnerships,
Acquisitions of major Assets including aircraft and Corporate
Governance while also acting as a mentor for emerging talent. This
transition allows Dr. Virmani to leverage his extensive experience
and deep industry knowledge to guide the board and senior
leadership team.
"Everything we have done at Cargojet has been against odds.
Starting an airline after 9/11; Convincing global package delivery
brands that it is more efficient to abandon their own aircraft
fleets in favour of Cargojet's network; Surviving the 2007-08
global financial crisis, and more recently tackling once in a
100-year pandemic." said Dr. Ajay
Virmani. "As I look back at the Cargojet journey, I am
filled with gratitude for the opportunity to work with an amazing
team of dedicated and hard-working professionals who have built
Cargojet into Canada's #1 Cargo
Airline. I am looking forward to the opportunity to continue
to serve as Executive Chairman of this great team and help develop
the next generation of leaders who will continue to beat the odds."
Concluded Dr. Virmani.
"We are extremely grateful to Dr Virmani for his vison, passion
and contributions towards the tremendous success Cargojet has
achieved. The transition to Executive Chairman by Dr. Virmani is a
testament to his unwavering commitment to Cargojet, its excellent
team and its potential. The Company remains committed to providing
world class Cargo services safely while exceeding customer
expectations," said Paul Godfrey Interim Chair of the Board on
behalf of all the Directors.
The Board of Directors and the entire Cargojet family extend
their heartfelt appreciation to Dr. Virmani for his outstanding
leadership as a Founder and CEO and they look forward to his
continued guidance in his new role as Executive Chairman, confident
that this transition will mark a new chapter in Cargojet's ongoing
success story.
About Cargojet
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities across North America,
providing Dedicated, ACMI and International Charter services and
carries over 25,000,000 pounds of cargo weekly. Cargojet operates
its network with a fleet of over 40 aircraft.
*As at November 1, 2023
SOURCE Cargojet Inc.
